A new work pass aimed at attracting "top talent" across all sectors globally to Singapore will be open for applications from Jan. 1, 2023.
The new work pass, called the Overseas Networks & Expertise Pass, will allow pass holders to stay and work in Singapore for five years. The pass holder will also be able to start, operate, and work for multiple companies in Singapore at any one time.
Applicants will need to earn fixed monthly salary of at least S$30,000
To apply for the Overseas Networks & Expertise Pass, the applicant will need to earn a fixed monthly salary of at least S$30,000, which is comparable to the top 5 per cent of Employment Pass (EP) holders, according to a press release by the Ministry of Manpower (MOM) on Aug. 29.
Applicants will need to be earning a monthly salary of at least S$30,000 within the last one year, or show that they will earn that amount under their future employer based in Singapore.
Overseas candidates will also need to demonstrate that they are working for an established company overseas, or will be working for one in Singapore.
To be considered established, the company should have a market capitalisation of at least US$500 million (S$698 million) or an annual revenue of at least US$200 million (S$279 million).
Those who do not meet the salary criterion may also be considered if they have "outstanding achievements" across arts and culture, sports, science and technology, and research and academia, said MOM.
Spouses of the pass holder will also be allowed to work in Singapore by applying for a Letter of Consent from the ministry.
"Pass holders will be asked to notify MOM annually of their professional activities, to ensure that they utilise the flexibilities accorded to contribute meaningfully," added MOM.
Cementing Singapore's position as a "global hub for talent"
In his remarks on Aug. 29, Minister for Manpower Tan See Leng highlighted Prime Minister Lee Hsien Loong's speech at the National Day Rally, where he said that a world-class talent pool must continue to be nurtured in Singapore, whether it is by developing local talent or attracting talent from overseas.
Tan said with the new Overseas Networks & Expertise Pass, his ministry will be looking for "global talent who possess valuable networks, as well as deep skills and expertise, that can help Singapore grow".
"MOM will closely engage the Pass holders during their time in Singapore. The flexibilities offered by this Pass are meant to allow Pass holders to contribute meaningfully to Singapore," added Tan.
"It is not meant to be abused as a visit or travel document."
He said that as even as Singapore emerges from the Covid-19 pandemic, significant geopolitical and economic uncertainties remain.
"There are countries that are turning inwards. There are also others that are going out of their way to compete for global talent," he added.
Tan said that in this climate, Singapore needs to be clear about where it stands.
"We cannot leave any room for investors to doubt or to have questions as to whether Singapore remains open," said Tan.
Top photo by Andrew Koay